Reinsurance News

Everest Re announces pricing of $1bn of Senior Notes

30th September 2021 - Author: Luke Gallin

Bermuda-based reinsurer Everest Re Group, Ltd. has announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., priced a registered public offering of $1 billion aggregate principal amount of 3.125% Senior Notes due 2052.

everest insuranceEverest Reinsurance Holdings expects the offering to close on October 4th, 2021, subject to customary closing conditions.

The net proceeds from this capital raise through the sale of debt to investors, will be used for general corporate purposes, and in line with the firm’s strategic objectives.

Following the raise, Everest will add to its capacity to deploy towards the end of the year, ultimately strengthening the reinsurer’s capital base and enabling it to underwrite more business in what remains a favourable pricing environment.

Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

AmericanAg - Global Reinsurance Solutions

Print Friendly, PDF & Email

Recent Reinsurance News